LONDON (Alliance News) - Utility cost management consultancy, Utilitywise PLC, Tuesday reported an increase in profit and revenue for the full year, boosted by a number of key contracts wins and greater staff numbers.
The company posted pretax profit of GBP5.8 million for the period ended July 31 2013, up from GBP3.5 million a year earlier, while revenue jumped 73% to GBP24.8 million, from GBP14.4 million in 2012, attributed to an increased energy consultant headcount to 281, from 181 a year earlier.
As a result the company was able to secure contracts worth GBP16.6 million, up from GBP7.1 million.
During the period Utilitywise acquired Clouds Environmental Consultancy Limited, Aqua Veritas Consulting Limited and Energy Information Centre Limited.
The company said the new additions are integrating well and has enabled it to have a much broader offering.
Utiltywise said the new financial year started in line with expectations with the value of secured contracts waiting to go live increasing to GBP18.2 million at September 30 compared with GBP16.6 million at July 31.
Despite a strong performance the company remained cautious.
"The market in which we operate remains highly fragmented and we have still attracted only a very small percentage of our addressable market," Chief Executive, Geoff Thompson, said in statement.
"Through our strong relationships with energy supply companies and our ability to identify customers and deliver the optimum solutions, we remain confident in the continued success of the company," he added.
The board recommended a final dividend payment of 1.8 pence per share, making a total dividend for the year of 2.6 pence.
The company was one of the biggest movers on AIM Tuesday, up 11.6%.
Utilitywise shares were trading at 169.00 pence Tuesday, up 15.00 pence, or 9.7%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
